Power Converters and Inverters Market Report 2024 (Global Edition)

Global Power Converters and Inverters Market Report 2024 Market Size Split by Type (12 VDC Input Voltage Inverter, 24 and 48 VDC Input Voltage Inverter, 200 To 400 VDC Input Voltage Inverter, 300 To 4...

Power Converters and Inverters Market Report Description

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Power Converters and Inverters Market Insights Video

Competitive Landscape of the Power Converters and Inverter Market

The competitive landscape of the power converters and inverter market features major players like ABB, Siemens, and Schneider Electric, alongside innovative firms such as Enphase and SolarEdge. Companies compete on technology advancements, efficiency, and market reach, driving growth in sectors like renewable energy and electric vehicles

In June 2021, T.I. is set to acquire Micron's 300-mm semiconductor factory, a strategic move that will significantly bolster T.I.'s cost efficiency and provide enhanced control over its supply chain. This acquisition will enable T.I. to streamline production processes, reduce manufacturing costs, and improve supply chain resilience. (Source: https://news.ti.com/2021-06-30-TI-to-acquire-Micron-300-mm-semiconductor-factory,-extending-TIs-cost-advantage-and-greater-control-of-supply-chain) In May 2024, Mitsubishi Electric Corporation (TOKYO: 6503) announced its plan to acquire an 80% share in Fuji Bakelite Vietnam Co., Ltd., located on the outskirts of Hanoi. This company is a subsidiary of Fuji Bakelite Co., Ltd., based in Okayama Prefecture, Japan. (Source: https://emea.mitsubishielectric.com/en/news/releases/global/2024/0524-a/index.html#:~:text=TOKYO%2C%20May%2024%2C%202024%20%2D,in%20Okayama%20Prefecture%2C%20Japan) In October 2023, Infineon completed its acquisition of GaN Systems, significantly enhancing its capabilities in the gallium nitride (GaN) power technology sector. This strategic acquisition positions Infineon as a leading force in GaN power solutions, enabling it to offer advanced, high-efficiency power semiconductors for a range of applications, including automotive, industrial, and consumer electronics (Source: https://www.infineon.com/cms/en/about-infineon/press/press-releases/2023/INFXX202310-014.html)

Top Companies Market Share in Power Converters and Inverters Industry: (In no particular order of Rank)

• ABB Ltd.
• Schneider Electric SE
• Siemens AG
• General Electric (G.E.)
• Sungrow Power Supply Co.
• Ltd.
• Enphase Energy
• Inc.
• SolarEdge Technologies
• Inc.
• ReneSola Ltd.
• Mitsubishi Electric Corporation
• Panasonic Corporation
• Huawei Technologies Co.
• Ltd.
• Texas Instruments Incorporated
• STMicroelectronics N.V.
• Infineon Technologies AG
• NXP Semiconductors N.V.
• Kyocera Corporation
• TMEIC Corporation
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

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Regional Analysis of the Power Converters and Inverter Market

Which Region Dominates the Power Converters and Inverter Market in 2024?

According to Cognitive Market Research, North America holds the largest share in the power converters and inverter market, primarily driven by its advanced infrastructure, high adoption of renewable energy technologies, and substantial investments in energy efficiency. The region's robust industrial base, extensive electric vehicle (E.V.) market and supportive regulatory environment further bolster its dominant position. Major players and significant technological advancements in the U.S. and Canada contribute to the region's leading role in market growth and innovation.

Which Region is Expanding at the Fastest CAGR?

The Asia-Pacific region is the fastest-growing in the power converters and inverter market, fueled by rapid industrialization, increasing renewable energy projects, and surging demand for electric vehicles. Countries like China and India are major contributors, with substantial investments in solar and wind energy and expanding grid infrastructure. The region's dynamic growth is supported by favorable government policies and a burgeoning middle class, driving accelerated adoption and technological advancements.

The current report Scope analyzes Power Converters and Inverters Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Power Converters and Inverters Market

According to Cognitive Market Research, the global Power Converters and Inverter market was estimated at USD 58452.5 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 23381.00 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.0% from 2024 to 2031.

• According to Cognitive Market Research, the U.S. had a major share in the Power Converters and Inverter Market with a market size of USD 18447.61 million in 2024 and is projected to grow at a CAGR of 6.8 % during the forecast period. The Expansion in renewable energy projects and electric vehicle adoption led to the growth.
• The Canada Power Converters and Inverter Market had a market share of USD 2805.72 million in 2024 and is projected to grow at a CAGR of 7.8 % during the forecast period. Canada’s Government incentives for clean energy and electric vehicles lead to growth.
• The Mexico Power Converters and Inverter Market is projected to witness growth at a CAGR of 7.5% during the forecast period, with a market size of USD 2127.67 million in 2024.

Europe Power Converters and Inverters Market

According to Cognitive Market Research, the global Power Converters and Inverter market was estimated at USD 58452.5Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 17535.75 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.3% from 2024 to 2031.

• The United Kingdom Power Converters and Inverter Market had a market share of USD 2946.01 million in 2024 and is projected to grow at a CAGR of 8.1% during the forecast period. In the U.K., Power Converters and Inverter sales witness an upswing due to the Strong focus on renewable energy and stringent environmental regulations.
• The France Power Converters and Inverter Market is projected to witness growth at a CAGR of 6.5% during the forecast period, with a market size of USD 1613.29 million in 2024.
• According to Cognitive Market Research, the German Power Converters and Inverter Market size was valued at USD 3472.08 million in 2024 and is projected to grow at a CAGR of 7.5% during the forecast period. In Germany, Power Converters and Inverter surged due to the Commitment to reducing carbon emissions and investing in green technologies.
• The Italy Power Converters and Inverter Market is projected to witness growth at a CAGR of 6.7% during the forecast period, with a market size of USD 1508.07 million in 2024.
• The Russia Power Converters and Inverter Market is projected to witness growth at a CAGR of 6.3% during the forecast period, with a market size of USD 2718.04 million in 2024.
• The Spain Power Converters and Inverter Market is projected to witness growth at a CAGR of 6.4% during the forecast period with a market size of USD 1437.93 million in 2024
• The Luxembourg Power Converters and Inverter Market is projected to witness growth at a CAGR of 7.4% during the forecast period, with a market size of USD 543.61 million in 2024.
• The Portugal Power Converters and Inverter Market is projected to witness growth at a CAGR of 7.1% during the forecast period, with a market size of USD 368.25 million in 2024.
• The Greece Power Converters and Inverter Market is projected to witness growth at a CAGR of 7.6% during the forecast period, with a market size of USD 210.43 million in 2024.
• The Rest of Europe's Power Converters and Inverter market is projected to witness growth at a CAGR of 6.0% during the forecast period, with a market size of USD 2718.04 million in 2024.

Asia Pacific Power Converters and Inverters Market

According to Cognitive Market Research, the global Power Converters and Inverter market was estimated at USD 58452.5Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 13444.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.8 % from 2024 to 2031.

• According to Cognitive Market Research, the China Power Converters and Inverter Market size was valued at USD 6049.83 million in 2024 and is projected to grow at a CAGR of 10.3% during the forecast period. Power Converters and inverters surged in China due to Massive investments in renewable energy and electric vehicle infrastructure.
• The Japan Power Converters and Inverter Market is projected to witness growth at a CAGR of 9.3% during the forecast period, with a market size of USD 1855.28 million in 2024.
• The India Power Converters and Inverter Market had a market share of USD 1613.29 million in 2024 and is projected to grow at a CAGR of 12.6% during the forecast period. India's Rapid infrastructure development and increasing investments in renewable energy lead to the growth in the market.
• The South Korean Power Converters and Inverter Market is projected to witness growth at a CAGR of 9.9 % during the forecast period, with a market size of USD 1344.41 million in 2024.
• The Australian Power Converters and Inverter Market is projected to witness growth at a CAGR of 10.5% during the forecast period, with a market size of USD 699.09 million in 2024.
• The South East Asia Power Converters and Inverter Market is projected to witness growth at a CAGR of 11.8 % during the forecast period, with a market size of USD 927.64 million in 2024.
• The Rest of Asia Pacific Power Converters and Inverter Market is projected to witness growth at a CAGR of 10.6% during the forecast period, with a market size of USD 954.53 million in 2024.

South America Power Converters and Inverters Market

According to Cognitive Market Research, the global Power Converters and Inverter market was estimated at USD 58452.5Million, out of which Latin America held the market share of around 5% of the global revenue with a market size of USD 2922.63 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.2% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Power Converters and Inverter Market size was valued at USD 1250.88 million in 2024 and is projected to grow at a CAGR of 8.8 % during the forecast period. Power converters and inverters flourished in Brazil due to Growth in renewable energy projects and improved infrastructure.
• Argentina's Power Converters and Inverter Market had a market share of USD 491.00 million in 2024 and is projected to grow at a CAGR of 9.1% during the forecast period. Argentina's Rising investments in renewable energy and infrastructure development lead to the increase in the market.
• Colombia Power Converters and Inverter Market is projected to witness growth at a CAGR of 8.0% during the forecast period, with a market size of USD 260.11 million in 2024.
• Peru Power Converters and Inverter Market is projected to witness growth at a CAGR of 8.4% during the forecast period, with a market size of USD 239.66 million in 2024.
• Chile Power Converters and Inverter Market is projected to witness growth at a CAGR of 8.5% during the forecast period, with a market size of USD 210.43 million in 2024.
• The Rest of Latin America's Power Converters and Inverter Market is projected to witness growth at a CAGR of 7.3% during the forecast period, with a market size of USD 470.54 million in 2024.

Middle East and Africa Power Converters and Inverters Market

According to Cognitive Market Research, the global Power Converters and Inverter market was estimated at USD 58452.5Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 1169.05 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.5% from 2024 to 2031..

• The GCC Countries Power Converters and Inverter Market is projected to witness growth at a CAGR of 9.3% during the forecast period, with a market size of USD 500.35 million in 2024. Power Converters and Inverter sales flourish due to the Expansion of renewable energy initiatives and industrial growth driving the market.
• The Egypt Power Converters and Inverter Market is projected to witness growth at a CAGR of 8.8 % during the forecast period, with a market size of USD 122.75 million in 2024.
• The South Africa Power Converters and Inverter Market is projected to witness growth at a CAGR of 9.5% during the forecast period, with a market size of USD 184.71 million in 2024. Power Converters and Inverter sales flourished in South Africa due to Rising investments in renewable energy and infrastructure development.
• The Turkey Power Converters and Inverter Market is projected to witness growth at a CAGR of 8.0% during the forecast period, with a market size of USD 100.54 million in 2024.
• The Nigeria Power Converters and Inverter Market is projected to witness growth at a CAGR of 7.6% during the forecast period, with a market size of USD 122.75 million in 2024.
• The Rest of the MEA Power Converters and Inverter Market is projected to witness growth at a CAGR of 7.5% during the forecast period, with a market size of USD 137.95 million in 2024.

Power Converters and Inverters Market Analysis

Power Converters and Inverter MarketType Segment Analysis

According to Cognitive Market Research, the 200 to 400 VDC input voltage inverter segment is the largest in the power converters and inverter market. This range is widely used in various applications, including solar photovoltaic systems, industrial equipment, and telecommunications. Its popularity stems from its versatility and suitability for a broad range of power requirements, making it the preferred choice for many industrial and residential applications. The widespread adoption of this inverter type drives its dominant market share.

The above 450 VDC input voltage inverter segment is the fastest-growing in the power converters and inverter market. This growth is driven by the increasing demand for high-efficiency inverters in large-scale solar power plants and advanced industrial applications. Higher input voltage inverters offer greater efficiency and performance, making them ideal for handling high power outputs and supporting the expansion of renewable energy projects. The surge in renewable energy investments and technological advancements contributes to the rapid growth of this segment.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Power Converters and Inverters Industry. Request a Free Sample PDF!

Power Converters and Inverter Market Application Segment Analysis

According to Cognitive Market Research, the solar segment is the largest in the power converters and inverter market. This dominance is driven by the widespread adoption of photovoltaic systems for residential, commercial, and utility-scale solar installations. The need for efficient power conversion to integrate solar energy into the grid or storage systems fuels the demand for solar inverters. As governments and businesses continue to invest in renewable energy solutions, the solar segment remains the largest due to its significant market share and widespread application across various sectors.

The electric motor speed control segment is the fastest-growing in the power converters and inverter market. Advancements in industrial automation propel this growth, the increasing use of variable-speed drives in manufacturing processes and the rise of electric vehicles. Enhanced efficiency and performance of motor control systems are driving rapid adoption in various industries, including automotive and industrial sectors. As technology evolves and demand for precise motor control increases, this segment is experiencing the fastest growth in the market.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Author's Detail

Kalyani Raje

Senior Research Analyst at Cognitive Market Research

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An optimistic Senior Research Analyst with years of experience in competitive assessment and business consulting. A seasoned professional and subject-matter expert (SME) in the Automobile and transportation vertical.

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